EURUSD surges - Technical Analysis - 04-02-2016
EURUSD jumped sharply higher in the intraday levels, smashing through the resistance of 1.0974, which represents the ratio 38.2% of Fibonacci retracement levels for a descending wave in the short term (from 1.1713 to 1.0517), with the help of the positive pressure of the SMA for the last 50 days period, which gave the pair positive momentum that helped it keep rising, reaching eventually the resistance of 1.115, which represents the ratio 50%, and forcing it to bounce a little bit lower in today's trading.
Therefore we expect more gains to come for the pair, especially if it breached the resistance of 1.115, targeting thereafter the resistance of 1.1256, which represents the ratio 61.8% of the same retracement levels mentioned earlier.
Trend
Bullish